Nepal Bankers’ Association to Collaborate with Fintelekt Advisory Services

बिजपाटी संवाददाता

बिजपाटी संवाददाता

Jun 07, 2022 | 09:06:36 PM मा प्रकाशित

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Nepal’s umbrella association of leading commercial banks, the Nepal Bankers’ Association (NBA), has signed a Memorandum of Understanding with Fintelekt Advisory Services, a global specialist in Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Crime Compliance (FCC).

The banking industry, being the gatekeeper to the country’s financial system, is bound under the Assets (Money) Laundering Prevention Acts (2008) to identify and report suspicious transactions to the Financial Information Unit of Nepal. Money laundering and financial crimes have grown significantly since the start of the Covid-19 pandemic, making it an especially critical time for bankers to be vigilant and aware of the various AML risks that they are dealing with.

The MOU signing took place on May 25th at NBA’s office in Kathmandu between Mr. Anil Kumar Upadhyay, President, Nepal Bankers’ Association and Mr. Shirish Pathak, Managing Director, Fintelekt and formalised a collaboration that will facilitate AML/CFT webinars, workshops and executive briefing sessions for NBA member banks. The two organisations will also conduct research studies to aid policy decisions within banks and to provide feedback to regulators on various aspects within AML/CFT. Fintelekt will also provide its strategic advisory services to enable banks to enhance their AML/CFT governance frameworks.

“Fintelekt is capable of making a significant impact through its high-quality knowledge resources and qualified global advisors towards helping the banking industry in Nepal to more effectively and efficiently combat money laundering and terrorism financing,” said Shirish Pathak, Managing Director, Fintelekt.

“The collaboration with Fintelekt is very much in line with NBA’s objectives of enhancing the knowledge, skill, efficiency and productivity of employees in the banking sector, particularly in this important area of AML and CFT,” said Anil Kumar Upadhyay, President, NBA.

The two organisations will soon draw out a plan of action for the coming months and help build a stronger compliance regime in Nepal.


About Nepal Bankers’ Association 

Nepal Bankers’ Association was established to make the commercial banks in Nepal more effective and efficient, to enhance the interrelationship and co-ordination among the member banks, and to enhance the services offered by the banks by introducing creative and modern banking services.

About Fintelekt Advisory Services 

Fintelekt Advisory Services is a specialist in research, training and advisory on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in Asia. The company takes pride in systematically investing time and effort in building the skill level of professionals working in the banking and financial services sectors by assimilating and dispensing industry-reviewed best practices and knowledge.



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